CPA Services Turns Taxpayers into Tax Savers

Growing up in Rock Falls, IL, Paul Wilkin knew that he wanted to work in business. He thought he’d get a management degree and maybe an MBA but didn’t know what he wanted to do with them.

Then he took an accounting class in junior college. That class eventually led to his own practice as in Darien.

“This is kind of like doing a puzzle,” he said. “I liked the way you had to make all the pieces fit together. It was challenging. I decided I wanted to be an accounting major.”

After earning his degree in accounting from the University of Illinois at Urbana-Champaign, Wilkin set out for Chicago. He was hired by Grant Thornton, where he discovered that the work of a first-year auditor was not quite what he’d expected.

“(I was) doing mostly photocopying and adding up large reports,” he said with a laugh. “Grunt work that first-year people did. So I got a taste of what it was like at a big firm. I quickly saw that you get pigeon-holed, and I didn’t want to do that.”

So a year later, Wilkin moved to a smaller firm, staying for 10 years and becoming a CPA.

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“That was a great opportunity, a wonderful experience,” he said. “But while I was there, I realized that in order to be a better all-around accountant, I needed to delve into the tax side of things more.”

So he enrolled in night school at DePaul University, earning his MS in taxation. He also moved to Darien. But after accepting a new job at a small accounting firm in Vernon Hills, the long commute began to wear on him.

Wilkin knew that he wanted to focus on taxation. Large corporations were outsourcing their tax departments to Ernst & Young, so he signed on to gain tax experience.

“The engagement I got, we had 73 different subsidiaries that we had to consolidate in order to get all the federal and state filings done,” he said. “There was a lot involved with that. It was interesting and challenging.”

A few friends were starting a new marketing company involving some intriguing technology. At their request, Wilkin became the chief financial officer. Potential investors expressed interest, and the future looked bright.

Until September 11, 2001.

Investors retreated. The company died.

So in 2002, Wilkin opened his own practice. He cites his diverse experience as an asset to businesses.

“A lot of CPAs spend their whole career in public accounting,” he said. “You learn about business, but often as an observer. You can study management principles and be very good, but until you have to actually apply that, it’s a different thing. I can relate to my clients because I know what it’s like to have the sleepless nights and say, ‘I have 25 families depending on making payroll this week. How are we going to do it?’ It gives me a better perspective and understanding of what my clients go through.”

Wilkin’s clients include both businesses and individuals. His business card includes the line, “We turn taxpayers into tax savers.”

His work on the business side includes turning around companies that are struggling. Past clients include a plastics-manufacturing company and an HVAC-mechanical company.

Wilkin works with a partner who's helped turn around more than 2,000 companies over 40 years with a perspective that mixes business with finance.

"Maybe they don’t need a complete turnaround," he said. "Maybe (they’re) just having some cash-flow problems, and we help them figure out how to get over that hump."

By cleaning up a company's financial records, the partners were able to arrange a $2.5-million financing package for a client who couldn't get loan.

"It’s a win for them, and the bank is happy," Wilkin said. "We like to put together wins for everybody.”

The downturn in the economy has impacted individuals as well as businesses.

“People get into situations where they owe taxes (and) can’t afford to pay them,” Wilkin said. “We’ve had a lot of success in helping to negotiate those things to either get them to a manageable level or get them to go away all together. That’s a very rewarding piece of what I do, (easing) the burden that they carry.”

Wilkin is a member of the American Society of Tax Problem Solvers, a group of professionals dedicated to solving people’s tax problems correctly and ethically.

“We solve the problem and help (the client) learn how to avoid it in the future,” he said. “Not every case is a huge settlement for pennies on the dollar, but every case is a win because we get it settled in a manner that the client can handle.”

Wilkin also contributes to the community as treasurer for the Knights of Columbus, serving Westmont, Darien and Downers Grove.

Last Christmas the group worked with Dominicks to get a good price on more than 200 hams they turned around and donated to food pantries.

“I just love the people here,” he said. “That’s why I wanted to keep my business in Darien. It’s a great community, and I have fun working with my clients and helping them out. If I can help somebody save money on taxes, that’s fantastic, that’s what it’s all about for me. I don’t like my clients to pay a penny more than they legally have to. So I do everything I can to make sure they get every deduction (that) they’re legally entitled to.”

CPA Services is located at 7702 S. Cass Avenue, Suite 230, in Darien. For more information, call 630-968-3844 or email pmwcpa@ameritech.net .